A merchant cash advance is an advance that is made against your card terminal. The amount you turnover on the card machine on average every month, will be similar to the amount you can get advanced.
A percentage of your daily card takings is agreed upfront, which is then deducted until the total amount payable is paid back, it is as simple as that.
How Merchant Cash Advances Work
Merchant cash advances a new product in alternative business finance, but it's already proving very popular with businesses. Put simply, a merchant cash advance uses your card terminal to 'secure' lending - perfect for most businesses, but you will need to have a good volume of card transactions every month. Repayments are then taken as a proportion of your revenue, making it a quick and simple funding solution for many SMEs.
Because cash advances are unsecured, your home is not at risk. There are no restrictions on how you spend your funds either.
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The benefits to your business...
- Quick decision - 24 hour turnaround
- Pay as you earn - repayments based on monthly turnover
- Advance and repayments agreed up front
- High approval rate
- ... No such thing as a late payment!